Quantstamp is proud to announce that we are contributing to the Binance Charity Foundation’s Pink Care Token Project, which aims to increase opportunities for women in underdeveloped countries by providing them with feminine care products.
In many developing countries, access to sanitary feminine care products such as pads would greatly increase opportunities for women. In Uganda, a lack of these products often leads to infections, and many women are forced to drop out of school and pursue domestic work after their first period due to social stigma around menstruation.
Quantstamp is donating to the Pink Token Project in order to provide women with a one year supply of feminine hygiene products in order to reduce this discrimination and help enhance equality for women in Uganda.
The Binance Charity Foundation (BCF) is also using the Binance Chain to increase transparency in the donation process and ensure that donated funds are being used properly. This means that not only is the Pink Care Token Project a great cause, but it’s also leveraging blockchain technology to enhance trust in the donation process.
“The Pink Care Token Project is an excellent example of utilizing blockchain technology to create concrete improvements in society,” says Quantstamp CEO Richard Ma. “When you donate, you are not only contributing to a great initiative, you have unprecedented transparency into how the funds are being spent.”
How the Binance Chain Increases Transparency
Some individuals are surprised to find out that when they make a donation to certain charities, only a small percentage is actually spent on the cause itself. The rest of their donation is spent to pay for the charity’s administrative costs and bureaucracy.
In order to increase transparency, the Binance Charity Foundation is using the Binance Chain.
Here the donation process works:
- First, the BCF will launch a bid among feminine product suppliers. The contract will be awarded to the supplier that offers products that are not only affordable, but high-quality.
- The BCF will provide the parents of young women in Uganda with a Pink Token. The token will only be redeemable with the suppliers that won the bid in the previous step. NGOs will assist parents in transferring tokens to the supplier and ensuring that the young woman receive the supplies.
- Suppliers can redeem tokens at the Binance Uganda Exchange for local currency.
You will be able to view the Pink Care Token Issuance records here.